Indexed performance (as at: 21.10.2025)
NAV: EUR 173.20 (19.10.2025)
Rolling performance (21.10.2025)
T-EUR | MSCI World IMI HC Equip. & Supplies | MSCI World HC Net Return | |
19.10.2024 - 19.10.2025 | -9.11% | -8.38% | -10.80% |
19.10.2023 - 19.10.2024 | 25.42% | 29.36% | 18.56% |
19.10.2022 - 19.10.2023 | -6.52% | -5.71% | -1.44% |
19.10.2021 - 19.10.2022 | -5.73% | -17.17% | 8.77% |
Annualized performance (21.10.2025)
T-EUR | MSCI World IMI HC Equip. & Supplies | MSCI World HC Net Return | |
1 year | -9.11% | -8.38% | -10.80% |
3 years | 2.14% | 3.77% | 1.39% |
5 years | 3.95% | 2.65% | 6.56% |
10 years | 9.63% | 10.20% | 7.33% |
Since Inception p.a. | 7.83% | n.a. | n.a. |
Cumulative performance (21.10.2025)
T-EUR | MSCI World IMI HC Equip. & Supplies | MSCI World HC Net Return | |
1M | 1.77% | 0.82% | 5.11% |
YTD | -9.09% | -8.02% | -4.69% |
1 year | -9.11% | -8.38% | -10.80% |
3 years | 6.56% | 11.75% | 4.23% |
5 years | 21.40% | 13.99% | 37.40% |
10 years | 150.69% | 164.18% | 102.94% |
Since Inception | 682.58% | n.a. | n.a. |
Annual performance
T-EUR | MSCI World IMI HC Equip. & Supplies | MSCI World HC Net Return | |
2024 | 15.73% | 15.30% | 8.12% |
2023 | 1.30% | 5.08% | 0.45% |
2022 | -11.61% | -19.83% | 0.55% |
2021 | 25.32% | 23.65% | 28.63% |
Facts & Key figures
Investment Focus
The fund’s aim is to achieve capital growth in the long term, is actively managed and invests worldwide in companies active in the medical technology and healthcare services sector. Aim is to provide investors an attractive healthcare fund solution by investing in the entire healthcare universe with the exclusion of drug makers. Experienced sector specialists focus on profitable, liquid mid and large cap companies with an established product portfolio as well as fast growing small cap companies with leading-edge technology offering. Stock selection is based on fundamental company analysis, focusing in particular on the medical benefits and the potential savings for the healthcare system as well as the expected market potential of a company’s products and services.The selection of the portfolio companies is entirely bottom up, independent of benchmark weightings. The fund takes ESG factors into consideration while implementing the aforementioned investment objectives.
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Investment suitability & Risk
Low risk
High risk
General Information
Investment Manager | Bellevue Asset Management AG |
Custodian | CACEIS BANK, LUXEMBOURG BRANCH |
Fund Administrator | CACEIS BANK, LUXEMBOURG BRANCH |
Auditor | PriceWaterhouseCoopers |
Launch date | 28.09.2009 |
Year end closing | 30. Jun |
NAV Calculation | Daily "Forward Pricing" |
Cut of time | 15:00 CET |
Management Fee | 1.20% |
Subscription Fee (max.) | 5.00% |
ISIN number | LU0433846515 |
Valor number | 10264395 |
Bloomberg | BFLBBTE LX |
WKN | A0RP27 |
Legal Information
Legal form | Luxembourg UCITS V SICAV |
SFDR category | Article 8 |
Key data (30.09.2025, base currency EUR)
Beta | 0.98 |
Volatility | 15.60 |
Tracking error | 4.92 |
Active share | 23.02 |
Correlation | 0.95 |
Sharpe ratio | 0.01 |
Information ratio | -0.50 |
Jensen's alpha | -2.56 |
No. of positions | 47 |
Portfolio
Top 10 positions
Market capitalization
Geographic breakdown
Breakdown by sector
Benefits & Risks
Benefits
- Digitalization of the healthcare sector is boosting medtech companies’ growth and earnings.
- Focusing on profitable, liquid mid and large cap companies with an established product portfolio as well as on rapidly growing small cap businesses delivering cutting-edge technology.
- Managed care profits from the privatization of the health insurance sector and lower treatment costs.
- Minimally invasive techniques gaining ground – shorter treatment times reduce healthcare costs.
- Bellevue – Healthcare pioneer since 1993 and today one of the biggest independent investors in the sector in Europe.
Risks
- The fund actively invests in equities. Equities are subject to price fluctuations and so are also exposed to the risk of price losses.
- The fund invests in foreign currencies, which means a corresponding degree of currency risk against the reference currency.
- The fund may invest a proportion of its assets in financial instruments that might under certain circumstances have a relatively low level of liquidity, which can in turn affect the fund’s liquidity.
- Investing in emerging markets entails the additional risk of political and social instability.
- The fund may engage in derivatives transactions. The increased opportunities gained come with an increased risk of losses.
Review / Outlook
US jobs data remained weak in September. Meanwhile, core inflation data was unchanged month-on-month, despite widespread investor expectations that the recently imposed import tariffs would lead to an uptick in inflation. Against this backdrop, the US central bank lowered the target range for its overnight lending rate by 0.25 percentage points to 4.00-4.25%, its first cut this year.
The broad stock market advanced +2.7% in the month under review. The healthcare sector (+0.5%) also closed higher, however was less strong. Medtech stocks (-2.9%) were weaker in comparison. The Bellevue Medtech & Services Fund (-3.1%) ended the month broadly in line with the benchmark performance.
Medtech names such as EssilorLuxottica (+6.1%), Hoya (+5.3%), Masimo (+5.1%), Medtronic (+2.9%) and Abbott (+0.5%) made positive contributions to absolute performance. EssilorLuxottica, together with Meta, launched new smart glasses, including a model with a screen embedded on the lower part of the right lens. EssilorLuxottica also announced FDA approval of its eyeglass lens for myopia control, Stellest, in September, earlier than the initially expected decision date of year-end 2025. Masimo announced in September that it was broadening its strategic partnership with Philips, in a move that would intensify their collaboration and, in particular, accelerate the integration of Masimo’s monitoring solutions into Philips’ patient monitors.
Last month, investors sold off innovative large-cap medtech growth stocks such as Boston Scientific (-7.9%), Intuitive Surgical (-5.9%), Stryker (-5.8%) and Edwards Lifesciences (-4.8%) and shifted into leading pharma- and biotech stocks instead. Sentiment in the latter market segments brightened on hopes that an agreement on drug prices would soon be reached with the Trump administration. We view the shift as a short-lived move; The medtech sector should already benefit mid-October with the start of the third-quarter earnings season which we think should provide solid fundamentals.
The diabetes management companies Dexcom (-11.1%) and Insulet (-9.6%) also detracted from performance. Insulet guided for better-than-expected sales growth for the third quarter, however without providing any further details. Meanwhile, worries about new competitors entering the market with patch pumps for insulin delivery caused some investors to sell the stock. The cost-effective mass production of such systems is often underestimated, which is why we think the recent selling was an overreaction. Dexcom sold off on rumors of lacking accuracy of its G7 CGM, which we think is unjustified.
Performance drivers in healthcare services were health tech specialist Veeva Systems (+10.1%), the three US health insurers Centene (+22.3%), UnitedHealth (+10.9%) and Molina (+5.3%), and the two hospital groups Tenet Healthcare (+9.6%) and HCA Healthcare (+5.2%). According to UnitedHealth, about 78% of its Medicare Advantage members will be enrolled in plans with at least four stars in 2027. This is in line with the figure for the previous year and much higher than many investors had expected. Veeva Systems announced that two more top 20 biopharma firms, Gilead Sciences and Bristol-Myers Squibb, had signed on to its new Vault CRM platform.
Judging by the pleasing second-quarter results published by medtech companies and our talks with numerous medtech executives at the Wells Fargo Healthcare Conference in Boston in September, we expect solid volume growth in surgical procedures during the third and fourth quarters of 2025. We also expect very positive developments in 2026. The currently record-high valuation discount vs. Wall Street and low valuations that were last seen during the height of the pandemic are additional arguments for investing in the Bellevue Medtech & Services (Lux) fund. Furthermore, there are already signs that M&A activity is gaining momentum and that large-cap companies are using their strong balance sheets to fund additional acquisition-led growth. The most important factor for success over the long run is the approval and subsequent launch of relevant new products that generate high sales growth. Examples here are Abbott’s Lingo, Libre Rio, Libre 3, TriClip and AVEIR products, Boston Scientific’s Farapulse PFA system and Watchman FLX Pro device, and the new da Vinci 5 surgical robot from Intuitive Surgical.
Documents
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Legal notices
Ratings & Awards
Senior Equity Analyst
Catharina Claes
Catharina Claes joined Bellevue Asset Management in 2023 as a Healthcare equity analyst. Previously, she spent almost four years covering German small and mid cap stocks, most recently at Berenberg in London for three years. Catharina Claes holds an MSc in Financial Economics from City University of London and a BSc in Economics from the University of Cologne.Senior Equity Analyst
Annie Zeng
Dr Annie Zeng joined Bellevue Asset Management in 2023 as a Healthcare equity analyst. Previously, she spent 2 years as pharma analyst at Bernstein in London covering EU and HK stocks. She also spent 1.5 years at Canaccord-Results as Healthcare investment banking analyst. Annie Zeng holds a PhD degree in Pharmacology from the University of Cambridge.Co-Lead Portfolio Manager
Stefan Blum
Stefan Blum joined Bellevue Asset Management in 2008 and is co-lead portfolio manager of the funds Bellevue Medtech & Services, Bellevue Digital Health and Bellevue AI Health. Prior to joining Bellevue Asset Management, he spent 4 years as head of investor relations at Sonova. As a financial analyst at Bank Sarasin, he covered medical technology and high tech stocks. After that he served as CFO of Obtree Technologies Inc. Stefan Blum obtained a degree in business administration from the University of St. Gallen and is CEFA charterholder.Co-Lead Portfolio Manager
Marcel Fritsch
Marcel Fritsch has been with Bellevue Asset Management since 2008. He is head of healthcare funds & mandates and co-lead portfolio manager of the Bellevue Medtech & Services, Bellevue Digital Health and Bellevue AI Health funds. Prior to that, he worked as a consultant at Deloitte Touche Tohmatsu for over 3 years. His tasks in this function included analysis of business strategies, assessment of organizational structures and the valuation of companies in the run-up to corporate transactions. Marcel Fritsch holds a degree in business administration from the University of St. Gallen (HSG).Senior Equity Analyst
Catharina Claes
Catharina Claes joined Bellevue Asset Management in 2023 as a Healthcare equity analyst. Previously, she spent almost four years covering German small and mid cap stocks, most recently at Berenberg in London for three years. Catharina Claes holds an MSc in Financial Economics from City University of London and a BSc in Economics from the University of Cologne.Senior Equity Analyst
Annie Zeng
Dr Annie Zeng joined Bellevue Asset Management in 2023 as a Healthcare equity analyst. Previously, she spent 2 years as pharma analyst at Bernstein in London covering EU and HK stocks. She also spent 1.5 years at Canaccord-Results as Healthcare investment banking analyst. Annie Zeng holds a PhD degree in Pharmacology from the University of Cambridge.Co-Lead Portfolio Manager
Stefan Blum
Stefan Blum joined Bellevue Asset Management in 2008 and is co-lead portfolio manager of the funds Bellevue Medtech & Services, Bellevue Digital Health and Bellevue AI Health. Prior to joining Bellevue Asset Management, he spent 4 years as head of investor relations at Sonova. As a financial analyst at Bank Sarasin, he covered medical technology and high tech stocks. After that he served as CFO of Obtree Technologies Inc. Stefan Blum obtained a degree in business administration from the University of St. Gallen and is CEFA charterholder.Co-Lead Portfolio Manager
Marcel Fritsch
Marcel Fritsch has been with Bellevue Asset Management since 2008. He is head of healthcare funds & mandates and co-lead portfolio manager of the Bellevue Medtech & Services, Bellevue Digital Health and Bellevue AI Health funds. Prior to that, he worked as a consultant at Deloitte Touche Tohmatsu for over 3 years. His tasks in this function included analysis of business strategies, assessment of organizational structures and the valuation of companies in the run-up to corporate transactions. Marcel Fritsch holds a degree in business administration from the University of St. Gallen (HSG).
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